EDA Resolution 2018-12CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. #2018-12
RESOLUTION APPROVING THE ESTABLISHMENT OF TAX INCREMENT
FINANCING DISTRICT NO. 1-40 AND ADOPTING A TAX INCREMENT
FINANCING PLAN THEREFOR.
BE IT RESOLVED By the Board of Commissioners ("Board") of the City of Monticello Economic
Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Board proposes to establish Tax Increment Financing District No. 1-40 (the "TIF
District") within Central Monticello Redevelopment Project No. 1 (the "Project") and adopt a Tax
Increment Financing Plan for the TIF District (the "TIF Plan"), pursuant to Minnesota Statutes, Sections
469.090 to 469.1081 and Sections 469.174 to 469.1794, as amended (the "Act").
1.02. Authority staff and consultants have prepared the TIF Plan for consideration by the Board
and by the City of Monticello (the "City").
1.03. The Authority and the City have performed all actions required by law to be performed
prior to the establishment of the TIF District and the adoption and approval of the proposed TIF Plan,
including, but not limited to, notification of Wright County and Independent School District No. 882,
approval of the Plans by the EDA on the date hereof, and the holding by the City Council of a public
hearing upon published notice as required by law.
Section 2. Approval of TIF District No. 1-40 and TIF Plan; Further Actions.
2.01. The Authority hereby finds that the TIF District is in the public interest and is a housing
district as described in Section 469.174, Subd. 11 of the Act, and finds that the TIF Plan conforms in all
respects to the requirements of the Act and that the establishment of the TIF District and adoption of the
TIF Plan will help provide increased housing opportunities in the City, and thereby serves a public
purpose.
2.02. The Authority further finds that the TIF Plan will afford maximum opportunity,
consistent with the sound needs for the City as a whole, for the redevelopment of the Project by private
enterprise in that the intent is to provide only that public assistance necessary to make the private
development financially feasible.
2.03. The Authority hereby approves the TIF Plan for the TIF District, subject to approval
thereof by the City Council following its public hearing thereon.
2.04. Subject to approval of the TIF Plan and establishment of the TIF District by the City
Council, Authority staff and consultants are authorized and directed to proceed with the implementation
of the TIF Plan and for this purpose to negotiate, draft, prepare and present to this Board for its
consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval
of the TIF Plan does not constitute approval of any project or a development agreement with any
developer.
526348v1 MNl MN 190-156
Adopted by the Board of Commissioners of the City of Monticello Economic Development
Authority this 13th day of June, 2018.
President
4ST:
Exe Director
526348vl MN1 MN190-156